Bitcoin

Resistance

Bitcoin price failed to recover above the $62,500 resistance zone. BTC is showing bearish signs and might decline again below the $60,000 support. 
<ul> 
 <li>Bitcoin struggled to recover above the $62,200 and $62,500 levels.</li> 
 <li>The price is trading below $62,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might start another decline unless there is a close above the $62,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-at-risk">Bitcoin Price Remains At Risk</h2> 
Bitcoin price started a recovery wave above the $61,200 zone. BTC even attempted a move above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">$62,000 resistance zone</a>. However, the bears were active near the $62,500 zone. 
A high was formed at $62,454 and the price is now moving lower. There was a move below the $61,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high. 
Bitcoin price is trading below $62,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dives-breaks-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair. 
The price is now stable above the 50% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high. If there is another increase, the price could face resistance near the $61,500 level. The first key resistance is near the $61,850 level and the trend line. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626602 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7d6184.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $62,000. A clear move above the $62,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level. 
The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $60,500, followed by $60,000. 
Major Resistance Levels – $62,000, and $62,500.

Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor

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